Copper closed 1.2% higher, weak dollar encouraged buying

Copper closed higher on Tuesday (Aug. 23), supported by a weaker dollar as investors eye this week’s key U.S. economic data.

Copper rose 4.4 cents, or 1.2%, to $3.6955 per pound.

The dollar index fell 0.39% against the six major currencies in a basket of currencies to 108.6240, boosting the copper market as dollar-denominated copper contracts became cheaper for investors holding other currencies.

This week, investors expect important U.S. economic data. These include July durable goods orders, weekly initial jobless claims, second quarter 22 gross domestic product (estimate 2), and July personal consumption expenditures (PCE).

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